Fuel prices in Nigeria may witness another surge after the Dangote Petroleum Refinery increased the gantry price of Premium Motor Spirit to N1,175 per litre, the third adjustment recorded within a week.
The latest hike followed earlier indications that petrol prices could rise again after the refinery briefly halted the sale of petrol on Sunday.
Industry sources said the refinery notified marketers on Monday of the new price, raising the gantry cost of petrol from N995 per litre, which was announced on Friday, to N1,175 per litre. The adjustment represents an increase of N180, translating to about 18 per cent within three days.
In the same review, the refinery also raised the gantry price of Automotive Gas Oil, commonly referred to as diesel, to N1,620 per litre.
A senior official of the refinery, who requested anonymity because he was not authorised to speak publicly, confirmed the development, stating that the revised prices had already been communicated to marketers and depot operators.
According to the source, the change was influenced by fluctuations in market conditions and the rising cost of replacing products in recent days.
Findings by our correspondent on an industry pricing platform also showed that the new rates had already been updated in petroleum depot pricing systems used by downstream operators.
The recent adjustment marks the third increase in petrol prices within one week, after earlier revisions pushed the gantry price from N774 to N995 per litre. As a result, retail pump prices in several states have climbed above N1,000 per litre, with some filling stations already selling petrol for about N1,200 per litre.
Observers say the development could trigger fresh increases in pump prices nationwide, as rising fuel costs typically affect transportation, logistics and production expenses.
The price hike also comes as the Federal Government, through the Nigerian National Petroleum Company Limited, continues efforts to ensure a steady supply of crude oil to the Lekki-based refinery through international traders to support domestic refining operations. However, industry stakeholders note that the intervention may not immediately translate into lower fuel prices for Nigerians.
